The US December CPI data was released last night. The overall year-over-year growth rate was 2.7%, which is basically in line with expectations and had little impact on the market. But the real surprise was in the core CPI—excluding food and energy, the growth rate actually came in below expectations. What does this indicate? Inflation is really cooling down. From a market perspective, this is a good signal, suggesting that the Federal Reserve may have more flexibility in its future policy space. For traders who closely monitor macroeconomic factors, such data shifts often serve as a barometer of market sentiment.